News in Brief

Disregard claims of fuel shortage; We have more stocks – NPA

The energy think tank, Institute for Energy Security has said that Ghana’s fuel supplies were expected to face serious disruptions due to the unanticipated shut-down of the Tema Oil Refinery (TOR), and port congestion facing the oil companies.

But the National Petroleum Authority (NPA) has responded and explained that the claims should be disregarded since there were enough stocks.

According to the Principal Research Analyst of the Petroleum Unit of the Institute, Richmond Rockson, the current situation was compelling oil companies to postpone their import and export programmes; amid acute discharge and loading constraint.

“As a result, stocks of the two main petroleum products consumed in the country have fallen short of the mandatory strategic level of 6-weeks, at a time when economic activities have picked up across the country after the General Election and Christmas festivities.

According to him, at the close of business Tuesday, the country’s stock of Gasoline and Gasoil at both the TOR and the Bulk Oil Storage and Transportation Company (BOST) installations across the country was 86,000 metric tonnes.

“Also, the stocks held in-tank at Bulk Oil Distribution Companies (BDC’s) facilities in Tema stood at 24,750 metric tonnes. A year ago, the combined stock of these fuel stood at 451,200 metric tonnes; a little above the mandatory 6- weeks requirement.

“Today [Tuesday], the stock of gasoline and gasoil combined can meet just 13-days of fuel supply. The last time the country came close to this situation was June 2014 and this actually resulted in fuel shortages in the Country.”

He said in the statement that the current situation was anticipated when the explosion of the Furnace occurred at TOR few weeks ago adding “That was the moment when the government and relevant agencies should have taken the necessary steps to forestall any such incident, especially when it was followed up with a disruption of the Conventional Buoy Mooring (CBM) facility in Tema.”

The institute therefore called on the quarters concerned in ensuring fuel security to as a matter of urgency increase fuel supplies for strategic reserves in order to avoid the imminent threat facing the country.

However responding, the NPA said there was sufficient supply of fuel in the country to meet domestic demand contrary to some speculations in sections of the media.

Below is a copy of the statement from the NPA

NO FUEL SHORTAGE

The National Petroleum Authority (NPA) wishes to assure the general public that there is sufficient supply of fuel in the country to meet domestic demand contrary to some speculations in sections of the media.

The current stock position in the country indicates there is over 200 million litres of gasoil and more than 100 million litres of petrol at various depots throughout the country.

These stocks are expected to last up to 6weeks. Additionally, over 73 million litres of gasoil and 46 million litres of petrol are expected to be delivered into the country from the 13th to 18th February 2017.

The NPA continuously monitors the weekly schedule of fuel imports to ensure that there is constant supply of fuel for the country.

The Authority wishes to assure the general public that there are no challenges at the discharging terminals at the country’s ports and ensures that there is fairness in the process leading up to the discharge of cargoes of all importers.

We therefore encourage the media and the general public to disregard any projections being put out in the public domain as merely speculative without any empirical basis. We further encourage all such interested organizations to crosscheck their information with the NPA before making public statements about this matter.

The NPA wishes to assure all motorists and consumers that there is no imminent shortage of fuel in the country.

SIGNED
Yaro Kasambata
Manager, Public Relations & Consumer Service
National Petroleum Authority

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Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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